Data serves as the fuel for the digital economy of the twenty-first century. That is why customer data is so valuable to customer-focused businesses. The customer data platform (CDP) comes into play here. CDPs assist you in gaining useful insights regarding prospective prospects and customers. As a result, you may more accurately forecast the next stage in the customer’s journey and develop appropriate strategies to nurture and keep them. Let’s learn more about CDPs, their benefits, and the best platforms for your organization to explore.
What Exactly Is Customer Data Platform (CDP)?
Before we go any further, let’s review the fundamentals of CDP. A customer data platform (CDP) is a marketing system that gathers customer data from multiple marketing and other channels. It also stores data about your customer’s interactions with your service and product in a database with individual profiles for each customer. Customer data platform companies assist companies in enabling customer modeling and optimizing the timing of targeted initiatives such as communications and offers.
How Do CDPs Aid Companies In Grow Their Customer Base?
Customer data platform companies provide several benefits to your business. Aside from providing a comprehensive view of your customers, CDPs may provide you with the following benefits.
Keeping Customer Data Organized
The whole process of customer data management includes gathering, organizing, and using your customers’ data. The purpose of CDPs is to make this multi-step process as smooth as possible by organizing the data in a usable manner. Though it may take some time to set up a CDP, once you’re up and running, you won’t have to worry about its upkeep.
Customer Analytics Data
The Customer data analytics allows you to understand customer behavior better and make better business choices about product development, marketing, and sales. Customer analytics revolves mostly around data gathering, organization, storage, and analysis. These components may not be relevant on their own, but when combined with a customer data platform, they may provide valuable customer analytics. Furthermore, CDPs will greatly assist in increasing customer loyalty and retention.
Improved Data Privacy
The world is more concerned about consumer data protection and privacy; thus, you must respect customer data privacy. When you employ a customer data platform, you restrict data collecting for marketing purposes while protecting data privacy.
Every organization’s ultimate goal is to increase income. A CDP would provide a gain in revenue via smarter targeting and higher customer satisfaction if you can use it through the proper technique. Because it provides a comprehensive customer perspective, you can give them the proper marketing message at the right time. This will lead to improved customer engagement, better conversion rates, and more income.
Optimized Campaigns And Long-Term Insights
Companies may also use a CDP to acquire insights into individual campaign performance. Because it lets you observe the efficiency and results of the campaign, you may learn how to improve your marketing strategies. Aside from overcoming current marketing issues, it will save you money and benefit you develop stronger campaigns in the long term.
You don’t have to worry about guaranteeing GDPR compliance with multiple platforms or tools if you use CDP to store customer data. It allows your company to anonymize contacts and facilitates data portability and data insight requests from a source platform. While other customer data platforms are available, the following are the top platforms with very valuable characteristics.
9+ Best Customer Data Platform To Try
Customer Data Platform to try in 2022.
If your organization has contemporary data teams, you should choose Jitsu, a scriptable data intake engine. Creating a real-time data pipeline on this open source CDP takes a few minutes. More than 140 external data sources, such as Google Analytics, Google Ads, Facebook Ads, Redis, Amazon Ads, and Amplitude, are supported. This implies that this platform can create completely accurate profiles for your customers. By examining the IP address, Jitsu can filter bots and discover geo-location. It can also send data to places like Google Analytics, Facebook Pixels, and numerous popular databases. Because Jitsu is open source and accessible as a self-hosted solution, you may use it on your preferred cloud hosting platform. Docker deployment is also supported.
The Segment is a customer data platform that collects, cleanses, and lets customer data before routing it to many connected destinations. Its popularity is due to its features, such as easy setup, real-time tracking, and configurable dashboards. In addition, this platform’s robust integrations are a key advantage, allowing you to easily include a new service into your company analytics. Other features include customizable data pipelines, manual analytics, importing and converting customer data, and cross-channel interaction design.
Due to inaccurate data, business organizations often fail to perceive their customers’ genuine digital experiences. Heap Analytics may assist you in this area by providing you with a comprehensive picture of every activity taken by a user on your website or product. This customer data platform’s behavioral data will point you on the right path to improving your business by providing a better customer experience to your users. It also includes straightforward visualization tools that rapidly enable teams to discover the insights they want.
CareCloud develops a comprehensive 360-degree customer picture by gathering digital and physical customer data, with a special emphasis on retail and e-commerce. Native apps enable you to filter target audiences and rapidly launch email, SMS, or PUSH campaigns. With automation processes, you can automate the whole customer journey. The pre-made workflow bundle is a huge benefit that allows you to start immediately with automation.
Robust analytics and prediction tools assist you in staying on top of customer data and appropriately monetizing it – a big benefit of CareCloud is native RFM segments accompanied with suggested actions to drive increased CLV and retention rate throughout the whole customer base. In addition, the Loyalty Engine is a fantastic app that lets you set up a customer program based on points or membership levels in a user-friendly environment. As a result, CareCloud is an excellent CDP for businesses that want to monetize their platform’s data without relying on external marketing systems.
CustomerLab is among the no-code customer data platform companies that may be used to acquire first-party data across websites, CRMs, and servers. Furthermore, it aggregates all data to create a single profile for a customer and provides the synchronized data to any MarTech stack tool. You may also create granular user subgroups based on attributes and events. This CDP may benefit your company in the eCommerce, SaaS, agency, B2B/B2C lead generation, or SMB market.
Tealium AudienceStream is an appropriate CDP for companies that seek to consolidate fragmented data from several sources into a single platform. It assists you in strategic decision making by providing predicted insights based on Machine Learning. Our customer data platform includes consent management and regulatory compliance to keep your company legally secure. Furthermore, it easily identifies visitor behavior trends and assists you in increasing customer contact using Audience Emotional Intelligence. You may integrate any tool into your system using its 1300+ turnkey integrations.
SALESmango is an AI-powered customer data platform that lets you make your organizations grow by using first-party data. It gathers data from numerous touchpoints and sources to create a full customer profile in an ongoing customer database. Using a single customer identity, you can easily manage a customer’s structured and unstructured data on this platform. It also lets customized omnichannel communication based on customer choices and behavior. You may also use its AI Predictive Analytics tool to determine what to do next.
Customer retention is critical to business development. WebEngage is a full-stack retention operating system that also serves as a strong customer data platform, customization engine, analytics engine, and cross-channel campaign manager. Bringing data and analytics to the forefront aids in developing a strong data culture, allowing you to construct marketing strategies based on the insights. Marketing campaigns may also deliver the correct message to the right audience.
Companies may use BlueConic CDP to convert customer relationships and accomplish their revenue targets by accessing first-party customer data anytime. It can convert all acquired data into actionable attributes and save them in a single customer profile. This platform represents each customer with a unique identification and provides high-quality data to improve business results. You may also use this tool to create multidimensional segments and deploy predictive models.
Autopilot is among the best customer data platform companies, bringing together all customer data, marketing channels, audiences, and data analytics on a single platform. With a 360° picture of each customer, you can find and target the most valuable audiences. To link your customer data, this CDP allows interaction with platforms like Facebook, Shopify, Zapier, WooCommerce, Recurly, and HelpScout. Examine the insights on its dashboard and use its analytics and reports to take action.
Do you wish to create personalized 1:1 marketing for your customers? If so, go for BlueVenn. This customer data platform combines all customer interactions to provide a single customer view with no duplicate records. You can readily see a customer’s journey through trustworthy records of each click, open, visit, transaction, like, and engagement activity. The single perspective will reduce data silos and provide access to all teams. Furthermore, it allows you to manage customer preferences and consent centrally.
The Bottom Line:
Moving to a customer data platform is better if you need help maintaining several legacy systems for customer insights or aren’t obtaining the required results. These platforms act as a centralized hub, collecting data from many sources and consolidating it into a single database. For example, your company may develop a customized digital marketing plan using crucial data such as user feedback, customer service data, and campaign stats obtained by CDPs.